Bertino-Tarrant advocates for Illinois’ small businesses
11/2/2017, 9:51 a.m.
To encourage small business development in Illinois, State Senator Jennifer Bertino-Tarrant (Shorewood) passed a new tax credit to encourage and assist beginning entrepreneurs.
Bertino-Tarrant joined the Illinois State Senate in voting to override the governor’s veto of Senate Bill 1462, which creates an Entrepreneur Learner's Permit pilot program.
“Small businesses are the backbone of our economy,” Bertino-Tarrant said. “Economic development policies should not be a partisan issue. We all win when Illinois businesses thrive.”
The tax credit will reimburse beginning entrepreneurs forming new businesses in the information service, biotechnology and green technology business sectors for state fees associated with forming a new business in Illinois.
The Department of Commerce and Economic Development will administer the program. The program is capped at a total of $500,000 in reimbursements.
“Investing in small businesses is a key component to growing Illinois’ economy,” Bertino-Tarrant said. “I will continue to advocate for policies that encourage economic development and give small businesses the opportunity to grow right here in Illinois.”
After two years, the Department of Commerce and Economic Development will evaluate the program’s effectiveness and report to Illinois General Assembly and governor to ensure the tax credit is achieving its goal.
The measure passed the Senate and now heads to the House for consideration.